Frequently Asked Questions
Many people have a few questions before taking the plunge and committing to a new mortgage. Our experienced advisors will be happy to answer any questions you may have over the phone, but you may be interested in looking at some of our more common queries below.
Question: I wish to take out a 95% mortgage but would like to keep costs to a minimum and have heard some lenders do not charge a Higher Lending Charge. Is this correct and can you help?
Answer: Yes you are correct some lenders do not pass the cost of the Higher Lending Charge onto yourselves. When we conduct our research for you we would always compare both options to ensure that overall the deals without this charge are better for you.
Question: Are you able to deal with clients who are just looking for the best rate on the market even though they have no adverse credit?
Answer: Absolutely, we are able to search the entire mortgage market for all situations including those clients who are seeking the very best rate on the market. In addition we regularly gain access to exclusives and so we can get a better deal for the client than if they went direct to the lender.
Question: I have a client who does not wish to pay the high interest rates associated with bridging finance. Are there any other options if my clients wish to buy a new house before selling their existing property?
Answer: Your client would have several options which include sufficient affordability to have two mortgages, letting their existing home out or choosing a lender who will ignore the property on the market when calculating income multiples. Naturally the ultimate result would depend on your customers unique circumstances but in summary this is definitely something which Cheshire Mortgage Brokers would be delighted to discuss further with you.
Question: I currently have a tracker rate mortgage and recent increases in the rate are pushing my monthly payments upwards. I am concerned that if this continues I am going to be unable to meet the monthly payments. Can I do anything to protect myself?
Answer: Certainly, the current market offers a whole range of fixed rate mortgages which do just that – they offer you stable monthly payments which allow you to budget and predict monthly spending. You therefore don’t need to worry when rates rise but on the reverse side you would not see any benefit if rates were to decrease.
Question: Can I get a mortgage to buy my council property and will it mean high interest rates?
Answer: Many lenders offer mortgages for customers who wish to buy their council property through a Right to Buy scheme be this house or flat. I would recommend you speak with one of our advisors to assess if your circumstances such as income and credit history will allow for you to borrow the amount required. The great news is that many high street lenders offer the same range of mortgage regardless of whether you are buying through a right to buy scheme. High rates would only become relevant if your personal circumstances placed you outside the scope of standard criteria (i.e. previous credit difficulties).
Your property may be repossessed if you do not keep up repayments on your mortgage.
For Right to buy mortgages the overall cost for comparison is 9.8% APR. The actual rate will depend upon your circumstances. Ask for a personalised illustration. This APR is based on those with a clean credit history.
For mortgages we can be paid commission and/or a fee of usually 1% of the loan amount.